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Sunday, 17 February 2008

Property Developer Gets Musharakah And Murabahah Financing Facility

PENANG, Jan 22 (Bernama) -- Ideal Capital Intelligence Sdn Bhd (ICISB) has become the first property developer in Penang to receive musharakah and murabahah financing facility for the development of an integrated commercial development called The One.Ideal group of companies' chief executive officer Datuk Alex Ooi said financial powerhouse and recognised corporate entity, Kuwait Finance House (Malaysia) Bhd (KFHMB), was providing the facility for development of The One."The One is the first techno-centric concept development that is built around an advanced technological platform," he said at the ground-breaking ceremony of The One and the signing ceremony for the musyarakah and murabahah agreement between ICISB and KFHMB here today.Ooi signed on behalf of ICISB while country head, commercial, retail and consumer banking, Ab Jabar Ab Rahman, represented KFHMB. The signing was witnessed by Penang Chief Minister Tan Sri Dr Koh Tsu Koon.The One, situated at Penang Cyber City, Bayan Baru, is made up of 1-Square, 1-Sky, 1-Zone, 1-Atrium, 1-World and 1-Broadway, which comprise smart service suites, corporate office suites and retail units, bungalows and shophouses, a sidewalk cafe and the Tech Museum.Ooi said one of the components of the 5.2-hectare development was "The Walk of Fame" which was the first venue dedicated to recognise the contributions of prominent Penangites."The One is also home to the first Tech Museum on the island, a facility dedicated to mark Penang's long-term relationship with technology," he said.Ab Jabar, in his speech, said musharakah was a form of partnership where two or more parties combine either in cash or in kind to complete a project and share the profits as well as the risks while murabahah could be defined as cost plus profit sale."We are thrilled with this new venture as it has created another first for KFHMB and also for Penang," he said.He added that the finance house was also in the process of setting up a branch in Penang this year and it would be the second branch outside the Klang Valley.
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